Reliance General Insurance Introduces a Dedicated "Livelihood Protection Insurance Policy" for Daily Income Earners

Reliance General Insurance, a 100% subsidiary of Reliance Capital, introduced first of its kind “Livelihood Protection Insurance Cover” dedicated for Daily-income earners from the grievous impact of weather vagaries on their income and livelihood. 

This IRDAI approved product under Sandbox guidelines has been designed in a way where the weather risk is monitored from Automated weather stationsfrom Indian Meteorological Department (IMD) or by private Independent third parties involved in supply of weather data and claim is automatically calculated using this procured weather data. Hence, the claims will be derived comparing the actual weather from defined benchmark. In case, if the actual weather goes above the defined benchmark the insured would be eligible for claims. The policy will be offered for weather related risks triggered due to – wind (cyclone, dust / sand storms), temperature (cold & heat waves), rainfall (floods / excess rainfall), and Air Quality Index (AQI).

The best feature of this insurance policy is that it will provide the immediate assistance to insured in case of weather vagaries as it covers the weather-based risk particular to a geographical location during a time-period that’s most affected. In the pilot phase, the policy is being launched for only 10,000 customers in India, and the premium is kept extremely low and affordable.

Commenting on the recent development, Rakesh Jain, ED & CEO, Reliance General Insurance, said, “In the last few years, India has witnessed multiple weather related catastrophes that pose a serious threat to the normal lives and livelihoods of the daily earners. Therefore, prioritizing the financial resilience of the self-employed and daily waged individuals takes top priority for us. The Livelihood Protection policy has been introduced in line with our vision to provide insurance to the next-billion Indians.”

As a traditionally underinsured and one of the most acutely vulnerable countries to natural disasters, Reliance General Insurance aims to expand the blanket of financial security for the ones who need it the most, through the Livelihood Protection Insurance Cover.

About Reliance General Insurance

www.reliancegeneral.co.in

Reliance General Insurance, a part of Reliance Capital, is one of the leading general insurance companies of India.

The Company offers a well-rounded and comprehensive bouquet of products including Motor Insurance, Health Insurance, Travel Insurance, and Home Insurance, and offers customized solutions to meet the protection needs of each customer.

Reliance General Insurance offers has a wide network of more than 40,000 intermediaries across  136 branch offices across India for offering its products and services to Retail, Corporate and SME clients.

Agastya International Foundation’s Efforts Shines Bright During COVID 19 Pandemic

Amidst this pandemic, Aagstya has been working on developing modules to educate people on COVID-19. The teams across the country have been volunteering their hours to raise funds to buy and provide food supplies and masks to those in need. Summer camps have been conducted through online which is an integral part of Agastya’s pedagogy. The series of art and craft activities were organized like making posters and flipbooks to low-cost model making. They are designed to bring out the best of children’s’ creativity and can be made using the material available in their homes. With a specific focus on skill development, online teacher training sessions were also conducted for teachers in states like Tamil Nadu, NCR, Gujarat, Sikkim, Karnataka, AP, Odisha and others. More than 2 lakh children and 4000 plus teachers have been reached through these sessions so far in the outreach activities spanning 21 states.

The regional teams in Maharashtra and Gujrat have contributed Rs.1 lakh + towards covid-19 relief also Agastya has raised Rs.25+ lakhs for dry ration distribution. About 15000 plus beneficiaries were reached through the relief activities.

In a shining example of the innovative methods promoted by Agastya, two of our instructors, Pandurang and Balaji, converted a cow shed into a classroom when they could not conduct classes in their homes. They reached out to more than a 100 teachers through the online workshops conducted in the shed, proving that learning doesn’t have to stop.

The digital programs have not just been restricted to children. 100+ women across Maharashtra and AP who are parents of children reached by Agastya, are being taught the design thinking process, which is an iterative process that encourages innovative and out-of-the-box thinking to find solutions to problems. Through these classes, the mothers are taught to develop 21st century skills, which are an integral part of the design thinking process. They also helped to recognize and design thinking as a way of life and inspired to teach and pass on the knowledge they gained at Agastya to their peers.

"At Agastya, we believe, every crisis - unprecedented or otherwise - gives birth to an opportunity," says Ramji Raghavan, Chairperson of Agastya. “We are exploring partnerships with both corporate and government organizations to make our infrastructure and people available in the fight against COVID-19 - our Mobile Science Labs, Labs-on-Bikes and Science Centers to deliver personal protective equipment and food,” he added.

About Agastya International Foundation 

Agastya International Foundation is a non-profit Organisation based out of Bengaluru. It is one of the largest hands-on science programs in the world. Its mission is to spark curiosity, nurture creativity and instill confidence in underprivileged children and government school teachers across India.

ZEE Says #BanegiBaatSaathSaath in Partnership with Marquee CPG Brands to Announce its Fresh Content Comeback

Summary 

* #13thkiTaiyyari poori with Zee TV’s ‘Naye Kisse, Naye Episodes’ of viewers' favourite shows starting 13th, July 8 PM.

* 4 other ZEE network channels, & TV, Zee Marathi, Zee Punjabi and Zee Yuva also re-start daily new episodes on the 13th, prime time.

* Over 5000 people & partners at ZEE come together to bring 100+ fresh stories every day in 11 languages

Celebrating the spirit of solidarity and the joy of being back, Media & Entertainment powerhouse Zee Entertainment Enterprises Ltd. (ZEEL) has announced its content comeback via an innovative partnership with leading CPG brands. ZEE collaborated with leading brands - Nestle Maggi, Amul Lassi, PepsiCo, Red Label, Cadbury Dairy Milk, ITC Dark Fantasy to gear up the nation for the 13th of July, the date of its daily content comeback on Zee TV. 4 other HSM channels, & TV(HGEC), Zee Marathi, Zee Yuva (MGEC) and Zee Punjabi (PGEC) are also making their daily content comeback on the same day.

With a massive outdoor teaser campaign, people took to social media channels wondering what the #13thkitTaiyyari was about. The banter between the brands on Twitter left people even more curious on why they should be stocking up for the 13th with many more brands and companies jumping into the fray building up the excitement for the D-Day. TV has always been the Greatest Common Unifier and with this teaser campaign, ZEE has again brought together some of India’s most loved brands in an extraordinary partnership celebrating the coming together of viewers, partners and our fresh episodes with the promise, #BanegiBaatSaathSaath.

The #BanegiBaatSaathSaath promise has been rolled out across media and to all of ZEE’s partners along with a film, which is an ode to the entire TV industry coming together to entertain its viewers. ZEE strongly believes that the challenges we all faced in the first half of 2020 are just like a twist in the tale before the interval and when we all rally together we can achieve the impossible and create an extraordinary second half. 

“Prathyusha Agarwal, Chief Consumer Officer, ZEE Entertainment Enterprises Limited said, “With the resumption of production, we are excited to bring fresh content for our consumers. The last three months have caused a significant stir amongst the mood of the nation. People are increasingly investing time in entertainment to cope with the uncertainty prevailing around. TV has been the greatest common unifier and respite in this lockdown and as content creators, we acknowledge that it is a huge responsibility we carry. For us, understanding the pulse of our consumers and customers and delivering delight is an obsession, which is what we are attempting to do both with this campaign and in crafting all our stories for the second half 2020. The stories we bring will aim to uplift the mood of the nation and provide our viewers respite through all that they are going through. Zee has and will always stand by its viewers and all its partners and is looking forward to holding hands and turning on the light at the end of this tunnel and are confident that we will once again provide valuable experiences to our partners and viewers.”

Expressing his views Ashish Sehgal, Chief Growth Officer, Advertisement Revenue, ZEE Entertainment Enterprises Ltd (ZEEL) said, “With the resurgence of fresh dose of content, we would like to celebrate the spirit of camaraderie with all our stakeholders – cherished viewers & advertisers - to brighten and cheer up with engaging content. Brands will once again have the opportunity to resonate and pave their way into the minds of their consumers in this new environment. At ZEE, we have not only seamlessly weaved stories for brands with relevant influencers & have been at the forefront in creating an integrated platform agnostic solution for our advertisers/brands but ensured that they are part of our communication as well. This has led us to partner with our brands in unique ways and create value for them and #13kitaiyyari is another testimony to the power of partnerships, more importantly brand partners are integral part of the communication when we are reconnecting with our consumer.” 

With a three-month long wait, viewers have been eager to see some of their cherished stories and characters coming back with their daily dose of fresh episodes. A lot of the storylines will come back to induce a sense of positivity and bring back strong heroes that people turn to for companionship. A collective force of 5000+ people have come together to bring 100+ fresh stories, every day in 11 languages, which take inspiration from the consumer sentiment and echo their anticipations. While channels like Zee Bangla, Zee Kannada, Zee Sarthak, Zee Keralam, Zee Telugu have already started and are entertaining viewers in regional markets delivering around 100+ hours of content per week, the 4 HSM channels – Zee TV, &TV, Zee Marathi and Zee Punjabi go live on 13th July. With a strong understanding of the entertainment preferences of the consumer and keeping their evolving needs at the fore, the channels are returning with a diverse mix of content which caters to the entire family.

Through the power of storytelling, the strength of the characters, the depth of emotions, and the delight of the plots, ZEE has aligned its content strategy to instil a fresh sense of positivity as the country slowly unlocks its operations. ‘Cos this is just an interval and the story is far from over!

IndiaFirst Life Partners with InsureNearby to Offer Insurance Khata Plan to Low-Income Brackets

InsureNearby, the insurance arm of PayNearby, India’s largest hyperlocal fintech network, partners with IndiaFirst Life Insurance Company Limited (IndiaFirst Life), promoted by Bank of Baroda and Union Bank of India, to endorse a unique insurance product called “Insurance Khata Plan”. Specifically designed to serve the low-income bracket, the product not only secures the insured and their family's needs in case of an untimely demise, but also provides a flexible deposit plan that allows them to save and fulfil their dreams. The plan allows complete flexibility to the buyers in choosing the frequency and tenure besides allowing them to pay the premiums as per their convenience. It also functions as an excellent saving product as the beneficiary gets the entire money back at the maturity of the policy. 

With more than 82% of India's workforce engaged in the unorganised sector, over 39 crore workers and their families live under the constant threat of financial setbacks. Lack of a constant income source plays a huge hindrance in paying fixed annual or monthly premiums regularly. This results in an insufficient or non-existent insurance coverage, which often prods them into an inevitable poverty cycle. This set of economically weaker population has unique insurance needs and hence require a customised product that offers flexibility, ease of access and a frequency that adapts to their erratic earnings while providing the security of an insurance cover.

IndiaFirst Life’s Insurance Khata Plan is a non-linked, non-participating, term assurance with return of premium plan. The product has been designed to offer financial protection in the form of a life cover to the family besides offering the provision of returning more than the premium paid in total when unclaimed at the end of the policy term. 

Comprising of 72% of total population of the country, rural India is largely uninsured and unprotected. Through InsureNearby’s 45,000 POS agents, the product will now be made easily available to the country’s masses. InsureNearby will embark on a journey to train their vast network of 8.5+ lakh retail agents, registered under its sister organization PayNearby, to upscale them as credible POS agents. The geographical reach of these last mile retail outlets will enable the company to provide insurance to marginalized customers in the most far flung towns and villages across the country. The unique offering thus creates a force multiplier, where people who have never sold insurance are trained to sell to people who have never before bought the product. The objective is to insure India and make protection available for all.

Commenting on the association, Anand Kumar Bajaj, Founder, MD & CEO, PayNearby said, “With around 3% insurance penetration, Indians have largely been left unprotected to life’s vagaries. Our motto has always been to make safe and secure financial solutions available to our masses and help them move ahead in life. In accordance with our motto, Zidd Surakshit Aage Badhne Ki, this partnership with IndiaFirst allows us to provide a unique life insurance policy to our customers, that not only protects their families in case of a demise, but also provides them the flexibility to gradually plan and build their savings to meet their evolving life goals. We are excited about this partnership and am confident that our distribution capability along with their product innovation will create a force multiplier that will help bridge the huge gap in protection coverage for our citizens. A unique life insurance policy that not only protects their families in case of demise, but also provides a flexible deposit platform for fulfilling their dreams.”

Commenting on the strategic alliance, Rushabh Gandhi, Deputy Chief Executive Officer, IndiaFirst Life Insurance Co Ltd said, “Our alliance, with a like-minded and dynamic institution as, InsureNearby is a strategic leap in line with IndiaFirst Life’s vision to provide life insurance cover at affordable rates to last mile customers in India. Technology and micro products have enabled IndiaFirst Life to reach out to the unorganized, underserved and the under penetrated regions in the country. We have 45,000 qualified retail agents of PayNearby who are certified as POS agents with InsureNearby to sell IndiaFirst Life’s Insurance Khata Plan. For us, this is just the beginning. Together, we are keen to offer more such embedded solutions, which will inculcate the ‘long-term savings and insurance’ culture in India.”

Commenting on this occasion, Murali Iyer, CEO and Principal Officer, InsureNearby remarked, “Our aim has always been to strive for complete inclusivity. We want to gather actionable insights to address the evolving needs of the various types of insurance buyers, especially those in the low income segment, thus offering them the opportunity to lead their lives with as little impact as possible in case of a sudden demise. With Insurance Khata, we aim to bridge the void of accessible life insurance at affordable rates. The product also addresses the savings needs of our target audience, who are looking for safe, flexible deposit plans.”

About Nearby Insurance Broking Services Pvt Ltd (InsureNearby):

Nearby Insurance Broking Services Pvt. Ltd., with an aim and aspiration to “Insure India,” serve the unserved bringing in an era of true financial inclusion through its brand, “InsureNearby”. The company provides simple insurance products pre-underwritten and delivered instantly through mobile app and web services. The cutting edge proprietary technology provides Assisted Insurance Sales and service to crores of Indians in a fast and reliable manner. A subsidiary of Nearby Technologies, a fintech company offering assisted financial/non-financial services to the underbanked and unbanked segment, Nearby Insurance Broking Services seeks to make insurance products accessible at the last mile. 

Previously known as We Care Insurance Broking, Murali Iyer is the CEO and Principal Officer of Nearby Insurance Broking Services, since July 2019. Having almost 30 years of insurance sales experience, Murali is a revered figure in the country’s insurance segment, having been one of the core group members of the team that set up Birla Sun Life Insurance.

About IndiaFirst Life Insurance Company Ltd:

Headquartered in Mumbai, IndiaFirst Life Insurance, with a paid-up share capital of INR 663 crore, is one of the country's youngest life insurance companies. It is promoted by two of India's largest public-sector banks - Bank of Baroda and Union Bank of India, which hold 44% and 30% stakes in the company, respectively. Carmel Point Investments India Private Limited incorporated by Carmel Point Investment Ltd, a body corporate incorporated under the laws of Mauritius and owned by private equity funds managed by Warburg Pincus LLC, New York, United States also holds 26% stake in IndiaFirst Life. The company’s key differentiator is its simple, easy-to-understand products that are fairly-priced and efficiently serviced.

Aditya Birla Capital’s Subsidiaries Record Over Four Million Customer Interactions on Digital Service Platforms

Aditya Birla Capital Limited (ABCL), the holding company of the financial services businesses of the Aditya Birla Group, recorded a significant rise in customer interactions on the digital channels of its subsidiaries. These interactions on platforms such as WhatsApp, Chatbots, Websites and Apps crossed the four million mark in the past three months during the Covid-19 lockdown, witnessing an almost 2X jump when compared to the same period last year. ABCL’s subsidiaries have been at the forefront of adopting new technologies for customer convenience. Several services like change of address on the website for the stock broking business or using WhatsApp for renewal of Health Insurance policies or registering SIPs for Mutual fund were introduced for the first time in the industry. The Mutual Fund business recently introduced Google Assistant based voice bot for the top customer queries. The Lending business and Mutual Fund business have developed a machine learning (ML) based email bot for automated servicing of over 30,000 customer queries a month

Over the last one year, ABCL’s subsidiaries have significantly ramped up their digital services across Websites, Chatbot and WhatsApp to ensure availability of over 94 per cent of their services online, as compared to about 71 per cent last year. This has been a huge advantage during the lockdown when customer and distributor onboarding and purchase journeys have been enabled digitally. The WhatsApp/Chatbot channel is now one of the most comprehensive in the financial services industry, offering over 180 services across the mutual fund, lending, housing finance, life insurance and health insurance businesses. The businesses witnessed WhatsApp emerging as one of the most preferred channels, with almost a million customer interactions since March’ 20.

Ajay Srinivasan, Chief Executive, Aditya Birla Capital, said, “Digital enablement to create a superior customer experience throughout the customer journey has been a key part of our agenda. This enabled us to proactively transform our customer journeys to being 100% digital during the period of lockdown. These capabilities held us in good stead when COVID hit the world and helped us to service our customers without any interruptions. We will continue to leverage new technologies to make our customer and distributor experience best in class.”    

Owing to the ongoing lockdown, there has been a shift in demand for zero contact and paperless purchase options. Last year ABCL’s subsidiaries had worked on developing non-contact, paperless, seamless purchase journeys across product lines through mobile apps and tabs. Many technologies such as biometrics, intelligent OCR, Video KYC, e-contracts were used for the first time in the industry. The NBFC and Mutual Fund businesses have been one of the first in the industry to launch video KYC for its customers. Over 90 per cent customers were on-boarded through digital channels alone in FY20, as compared to 72 per cent in FY19. The businesses deployed over 200 robotic processes (RPA) to automate mid-office and back office work.

Vedanta Launches Phase 2 of ‘Meal for All’ Program to Daily Wage Earners

Vedanta Limited a subsidiary of Vedanta Resources Limited, a global oil & gas and metals company, has launched Phase 2 of its “Meal for All” program to provide meals to daily wage earners across the country during the Covid-19 pandemic.

The program successfully provided more than 11.08 lakh meals to daily wage earners in the first phase. The project also distributed 49,626 dry ration packets to local communities and engaged more than 15,000 women in mask-making activities. The program not only provided aid to the suffering people, but also extended a helping hand to stray animals in the rural and urban areas. More than 12.70 lakh stray animals were fed in Delhi, Mumbai, Jaipur and Pune in the first phase.

Speaking on the initiative, Mr. Anil Agarwal, Chairman - Vedanta Resources, said, “The spread of Covid-19 pandemic has led to the closure of many economic and employable institutions. This has left a huge number of daily wage earners stranded without any scope of income and daily essentials.  Our initiative is an effort to provide them with the basic necessities and ease their pain as much as possible. We aim to reach maximum number of people with this initiative and provide a ray of hope to the daily wage earners and give them strength.”

The Phase-2 of the ‘Meals for all’ program was flagged off by Mr. Gunvant Patel, noted entrepreneur and philanthropist. It will be a week-long initiative with a target of reaching 38,000 daily wage earners and their families across Delhi, Mumbai & Ahmedabad. They are being provided with ration kits consisting of daily essentials such as Rice, Pulses, Refined oil and Spices along with a pair of slippers. The project aims to provide better living conditions to people in the coming days whilst providing a temporary relief.

Complimenting Vedanta on this initiative, Mr. Gunvant Patel said, “The pandemic is truly a test of our resilience and the strength of togetherness, this is the moment where we have to come together to give, share and reach the people in need. Vedanta’s gesture through the program “Meals for all” is an example of humility and how such initiatives are so important during times like these. I am glad to contribute to the program and look forward to maximize our effortsrogram 

Vedanta Limited a subsidiary of Vedanta Resources Limited, a global oil & gas and metals company, has launched Phase 2 of its “Meal for All” program to provide meals to daily wage earners across the country during the Covid-19 pandemic.

The program successfully provided more than 11.08 lakh meals to daily wage earners in the first phase. The project also distributed 49,626 dry ration packets to local communities and engaged more than 15,000 women in mask-making activities. The program not only provided aid to the suffering people, but also extended a helping hand to stray animals in the rural and urban areas. More than 12.70 lakh stray animals were fed in Delhi, Mumbai, Jaipur and Pune in the first phase.

Speaking on the initiative, Mr. Anil Agarwal, Chairman - Vedanta Resources, said, “The spread of Covid-19 pandemic has led to the closure of many economic and employable institutions. This has left a huge number of daily wage earners stranded without any scope of income and daily essentials.  Our initiative is an effort to provide them with the basic necessities and ease their pain as much as possible. We aim to reach maximum number of people with this initiative and provide a ray of hope to the daily wage earners and give them strength.”

The Phase-2 of the ‘Meals for all’ program was flagged off by Mr. Gunvant Patel, noted entrepreneur and philanthropist. It will be a week-long initiative with a target of reaching 38,000 daily wage earners and their families across Delhi, Mumbai & Ahmedabad. They are being provided with ration kits consisting of daily essentials such as Rice, Pulses, Refined oil and Spices along with a pair of slippers. The project aims to provide better living conditions to people in the coming days whilst providing a temporary relief.

Complimenting Vedanta on this initiative, Mr. Gunvant Patel said, “The pandemic is truly a test of our resilience and the strength of togetherness, this is the moment where we have to come together to give, share and reach the people in need. Vedanta’s gesture through the program “Meals for all” is an example of humility and how such initiatives are so important during times like these. I am glad to contribute to the program and look forward to maximize our efforts.

Talent Demand Tanks in Most Sectors in June 2020, Green Shoots in BPO, Health & Auto: TimesJobs RecruiteX June’20

Highlights

-        Retail, BFSI shed most talent demand in June 2020 M-o-M study 

-        Talent demand picked up in BPO, Health & Automobiles in June 2020 

-        In Y-o-Y analysis, the demand for talent remained same in June’20 and June’19

 

The TimesJobs RecruiteX, monthly talent demand index, marks a 4% growth in talent demand in June’20 (89) over May’20 (85). However, the demand in high-volume sectors including IT, BFSI and Retail records a steep fall. The Y-o-Y analysis showed that the talent demand index for June’19 (89) and June’20 (89) was the same. 

M-o-M talent demand trends: The growth in demand index is contributed by Automobiles (17%), Healthcare (16%) and BPO (14%) sectors who are re-hauling the business post the Unlock 1.0. With the Government relaxing lockdown norms, companies in these sectors are eyeing growth hacks by customising their offerings in the changing business scenario. 

Q-o-Q talent demand trends: The Q-o-Q analysis shows that demand for talent in IT and Retail sectors witnessed growth in AMJ’20 over JFM’20. Both, these sectors witnessed double-digit growth. Talent demand index stood at 370 points in AMJ’20 over 338 points in JFM’20, a 9% growth. The Retail sector witnessed a 30% growth in AMJ’20 in comparison with JFM’20. 

Y-o-Y talent demand trends: The Y-o-Y analysis for talent demand shows no growth, or loss from June’19 to June’20.  The Consumer Durables sector showed a growth of about 30% in Y-o-Y talent demand analysis, followed by Healthcare. The BPO sector saw the steepest fall of (-34%) in talent demand in the yearly comparison.

Commenting on the findings of RecruiteX June 2020, Sanjay Goyal, Business Head, TimesJobs and TechGig said, “The findings of RecruiteX June 2020 are a silver lining in the present scenario. The rise in BPO, Healthcare and Automobile’s talent demand hints that companies are striving hard to get back to normalcy after the Unlock 1.0. Not just the M-o-M analysis, but even the Q-o-Q comparison (AMJ’20 v/s JFM’20) has shown growth, with a double-digit hike in the IT and Retail sectors”.   

Here are the major findings of the RecruiteX June 2020 edition:

Industry-wise

Sectors which gained talent demand:  

- Automobiles: (17%)

- Healthcare: (16%)

- BPO: (14%)

Sectors with steepest loss in talent demand: 

- Retail: (-13%)

- IT/Telecom: (-6%)

- BFSI: (-2%)

Functional areas: 

Functional areas which gained talent demand:  

- Doctors/Nurses/Medical Professional: (20%) 

- Logistics/Supply Chain Management/ Procurement: (10%)

- Engineering: (5%)

 Functional areas with steepest loss in talent demand:  

- IT/Telecom: (-10%)

- Sales/Business Development: (-3%)

Location-wise: 

Cities which gained talent demand:  

- Indore: (4%)

 - Ahmedabad: (2%)

 - Hyderabad/Secunderabad: (2%)

Cities with steepest loss in talent demand:  

- Bengaluru: (-18%)

- Jaipur: (-6%)

 - Chennai: (-5%) 

Work experience-wise: 

 Work experience category which gained talent demand:  

- Over 20+ years of work experience: (6%)

- 10-20 years: (5%)

- 2-5 years: No gain, no loss 

Work experience category with the steepest loss in talent demand:  

- Freshers and people with less 2 years of work experience: (-13%)